Stephens Initiates Coverage on PROCEPT BioRobotics (NASDAQ:PRCT)

Stephens assumed coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT - Free Report) in a report published on Wednesday, Marketbeat.com reports. The brokerage issued an overweight rating and a $70.00 target price on the stock.

A number of other equities analysts also recently commented on PRCT. Bank of America cut their price objective on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Wall Street Zen upgraded PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Truist Financial dropped their target price on PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Oppenheimer started coverage on PROCEPT BioRobotics in a report on Monday. They set a "market perform" rating on the stock. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.50.

PROCEPT BioRobotics Trading Up 1.3%

Shares of PROCEPT BioRobotics stock traded up $0.78 during trading hours on Wednesday, reaching $59.24. The stock had a trading volume of 163,415 shares, compared to its average volume of 843,094. The firm has a 50 day simple moving average of $58.14 and a two-hundred day simple moving average of $63.23. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of -34.79 and a beta of 1.07. The company has a current ratio of 8.95, a quick ratio of 7.75 and a debt-to-equity ratio of 0.13. PROCEPT BioRobotics has a 1 year low of $47.04 and a 1 year high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The company reported ($0.45) EPS for the quarter, topping analysts' consensus estimates of ($0.49) by $0.04. The company had revenue of $69.16 million for the quarter, compared to the consensus estimate of $65.39 million. PROCEPT BioRobotics had a negative return on equity of 28.09% and a negative net margin of 36.20%. The company's quarterly revenue was up 55.5% compared to the same quarter last year. During the same period last year, the business posted ($0.51) EPS. As a group, equities research analysts anticipate that PROCEPT BioRobotics will post -1.75 earnings per share for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the sale, the director owned 14,363 shares in the company, valued at $883,180.87. This trade represents a 63.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 100,000 shares of company stock worth $6,271,250. 6.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of PROCEPT BioRobotics by 5.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 426,434 shares of the company's stock worth $34,336,000 after acquiring an additional 23,869 shares in the last quarter. Assetmark Inc. acquired a new position in PROCEPT BioRobotics during the 4th quarter worth $667,000. Arizona State Retirement System boosted its position in PROCEPT BioRobotics by 1.5% during the 4th quarter. Arizona State Retirement System now owns 14,285 shares of the company's stock worth $1,150,000 after acquiring an additional 218 shares during the period. Raymond James Financial Inc. acquired a new position in PROCEPT BioRobotics during the 4th quarter worth $1,647,000. Finally, Amundi lifted its holdings in shares of PROCEPT BioRobotics by 0.9% in the fourth quarter. Amundi now owns 20,143 shares of the company's stock valued at $1,742,000 after buying an additional 183 shares during the period. Institutional investors and hedge funds own 89.46% of the company's stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).